International Tax Congress | Our Poll Results: Only 32% of businesses have a Brexit plan

“VAT needs to be on the table” and “teams need to be integrated” was the reaction to the looming spectre of Brexit from VAT specialist Accordance’s audience at the recent International Tax Congress.

Yet only 32% of them have a Brexit plan in place and 32% had done nothing yet but welcome a consultative approach to their finances.

The Accordance team consisting of CEO Nicholas Hallam and Associate Director Rob Janering joined a panel debate with other renown tax professionals talking about the implications of VAT and the EU in the next five years at the Congress, that covered other topics such as ‘Controversy and Dispute Resolution’ and ‘Tax Transparency’. During the conference Accordance also asked clients what actions they had already taken in light of Brexit. The findings showed:

  • just under a third (32%) said they had put a Brexit strategy plan together
  • just under a third (32%) had not done anything
  • 26% had reviewed their current EU VAT position
  • 5% had opened a European office

The International Tax Congress, which brought together over 150 senior international tax leaders, policy makers and leading advisors over a 3-day conference, offered Accordance the perfect forum to discuss and understand client issues.

Nicholas Hallam of Accordance comments, “It is clear from spending time at the ITC conference that Brexit presents a unique challenge for businesses – well beyond the scope of regular risk and impact analysis. Throughout the conference we spent a great deal of time listening to the audience’s concerns about the future and it became evident that more businesses need to seriously consider a ‘Brexit plan’.”